Adams Asset Advisors LLC Has $11.80 Million Stock Position in Bank of America Corporation $BAC

Key Points

• Adams Asset Advisors LLC has reduced its stake in Bank of America by 5.7% during Q2, now holding approximately $11.8 million worth of stock, ranking as its 15th largest position.
• Bank of America declared a quarterly dividend increase to $0.28, reflecting an annualized payout of $1.12, with a yield of 2.2%.
• The company faces mixed analyst ratings, with 16 "Buy" ratings and 5 "Hold" ratings, signaling a consensus rating of "Moderate Buy" based on a price target of $50.39.

Adams Asset Advisors LLC cut its position in Bank of America Corporation (NYSE:BAC - Free Report) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 249,384 shares of the financial services provider's stock after selling 14,988 shares during the quarter. Bank of America makes up about 1.7% of Adams Asset Advisors LLC's holdings, making the stock its 15th biggest position. Adams Asset Advisors LLC's holdings in Bank of America were worth $11,801,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares during the period. Vega Investment Solutions acquired a new stake in Bank of America in the 4th quarter valued at approximately $30,000. Spurstone Advisory Services LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $34,000. Wood Tarver Financial Group LLC bought a new position in Bank of America in the 4th quarter worth approximately $38,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Bank of America during the fourth quarter worth approximately $40,000. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Truist Financial increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. The Goldman Sachs Group lifted their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.39.

Bank of America Stock Performance

NYSE:BAC opened at $50.60 on Monday. The firm has a market capitalization of $374.79 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $50.96. The firm has a 50-day moving average price of $48.13 and a 200 day moving average price of $44.28.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the company posted $0.83 EPS. The company's revenue was up 4.3% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company's stock.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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